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Cheaper Apple iPhone reportedly on the way

Apple is prepping a cheaper iPhone, according to one new report. 

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An employee cleans an advertisement plate at an Apple dealership on the eve of iPhone 5's release, in Wuhan, China, on Dec. 13, 2012. A budget iPhone may be on the way.

Reuters

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Apple, under increasing pressure from competitors, and eager to break into developing markets, is actively working on a less expensive iPhone

That's the word today from The Wall Street Journal, which says the device would likely resemble the boxy iPhone 4 and iPhone 5, but be built out of far cheaper materials. The Journal targets the smart phone for a launch later this year – a timeframe that may mean Apple will release both a new top of the line iPhone and a bargain counterpart at the same time. (If past years are any indication, the successor to the iPhone 5 will launch in the fall of 2013.) 

Apple won't comment on the rumors, but speculation about a cheaper iPhone has been rampant for years now, and the Journal is rarely wrong about this kind of thing. 

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